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So far Andrew Hunt has created 148 entries.

How Regulations Can Benefit Fintech and Crypto Businesses

There has been much talk about how new avenues in the financial world, such as crypto and fintech, might soon be impacted by more rigorous regulations. For example, the OCC’s Acting Comptroller recently explained in a speech that the organization is interested in regulating crypto: “Regulating stablecoin issuers as banks could also enable more innovation in crypto and make those innovations more durable.” While there may be some operational downsides to increased regulation, it is also important to understand that regulations can also help these […]

How Risk and Compliance Technology is Transforming the Financial Industry

We are seeing a significant shift occur in the banking industry due to technological breakthroughs and societal forces altering how individuals and businesses engage with the bank. Risk and compliance managers are at the vanguard of this transition and will be expected to make substantial contributions to enabling new financial services, product lines, and delivery methods. Banks will need to navigate this new reality skillfully over the next decade to remain competitive.

One of the most noticeable trends is that banking rapidly transforms into an instant service. […]

How Risk and Compliance Technology Makes FIs More Secure

Data security is essential for all businesses, but its criticality is increased manifold in the financial sector. Financial Institutions (FIs) have access to private details of their clients to a level comparable only to the healthcare sector. A lapse in data security or a leak of confidential information can cause significant losses for both FIs and their clients. The losses are not limited to reputational damage, sensitive and confidential information, if leaked, can result in financial damage to the clients and the financial institutions involved. Risk […]

Giving Banks a Competitive Edge with Risk and Compliance Technology

Frontend technology has quickly become the new frontier for banks looking for a competitive edge over other banks in the area. Customers want better and faster services, which is why banks and financial institutions are focusing on integrating fintech solutions to deliver faster services. This discussion often misses how much of a gamechanger it can be to focus on the backend technology framework present within the organization. It can provide a sustainable competitive edge that slowly increases the gap between an FI and the competition. […]

Streamlining Compliance with Automated QA Testing

While increasing oversight may momentarily improve compliance monitoring, it is critical to focus on the organization’s compliance framework to improve compliance and integrate it into the organization’s DNA. By compliance framework, we mean all the components of a company that contribute to compliance enforcement, from workers to software and processes. The more robust this framework is, the more adept the business will be at identifying and resolving compliance concerns before these create harm.

Compliance QA testing is a critical compliance process that serves as […]

Increasing Risk and Compliance Performance Sustainably with Technology

Managing risk and compliance is a continuous function in any financial institution or organization. It is easy to temporarily increase the performance levels of the risk and compliance teams within the organization by adding work for existing personnel. However, both teams cannot be expected to put in more work for an extended period without experiencing burnout. The better approach for businesses regarding risk and compliance is to focus on changing the strategy and the framework guiding the risk and compliance teams across the organization.

Lack of […]

How Risk and Compliance Technology Helps Financial Organizations Grow 

Financial organizations can choose to expand in several ways. They can add more product lines or engage a new market. They can expand into other cities, states, and even countries. Some financial organizations also enter partnerships to expand their reach further. Each strategy that is taken has its advantages, disadvantages, and growing pains. Risk and compliance technology solutions are uniquely poised to help businesses transition into a bigger and better organization.

Stages of Growth

Risk and compliance strategies are not the same […]

Integrating Risk Assessments and Compliance Testing

Within a corporation, the risk department conducts risk assessments. Their objective is to understand the organization’s risks and evaluate whether additional mitigation measures are necessary to keep the organization safe. An organization’s compliance department performs compliance testing. The compliance team’s objective is to evaluate the organization’s compliance framework’s performance and determine whether further controls are required to guarantee adequate compliance levels.

The fact that distinct departments and teams carry out both processes is essential. Risk departments are concerned with the organization’s risk framework, whereas the […]

Regulatory Compliance Challenges

Regulatory compliance is a dynamic domain that responds to the regulatory environment and anticipates the organization’s future needs. The challenges faced by compliance managers across the industry thus keep evolving based on regulatory pressure, emerging trends, and market risks. Here are ten regulatory compliance challenges being faced by compliance teams across the industry:

1 – Inefficient Task Management
Financial organizations often struggle to ensure that regulatory compliance and regulatory change related tasks are completed on time throughout the organization. There is no visibility of these tasks […]

How Collaboration Tech Transforms Risk and Compliance Management

Synergy has been the theme of technology and businesses for the past few decades, and it is easy to see why so many businesses want increased synergy. The use of information technology made data easier to store and analyze, which unlocked the benefits of combining different data systems. Ensuring that different processes are in sync has two significant benefits. The first major benefit is that the redundant processes shared by various tasks can be eliminated, saving lots of time and effort. The second important benefit is […]